Bitcoin and Ethereum Lead the Way as Total Cap Grows by +4% - Crypto Market Snapshot October 10, 2019

The cryptocurrency market has enjoyed some positive price action in the last two days following a consolidation period.

The total cryptocurrency market cap is sitting at $232 billion thanks to a +4.2% increase in the last 24 hours. In the same timeframe, Bitcoin dominance has seen a +0.5% uptick to reach 66.5%.

Bitcoin and Ethereum both gain over 5%

Bitcoin created some additional distance from the $8,000 price level, adding 5.3% to reach a price of around $8,600. The lowest level BTC has reached so far since its price crash in the last week of September was around $7,800. Today’s price level of $8,600 represents a higher high when compared to Bitcoin plateauing at $8,400 on October 1 after a sharp bounce from $7,800.

The BTC market seems to have been unaffected by the SEC rejecting Bitwise’s Bitwise Bitcoin ETF Trust proposal, implying that the prospect of a Bitcoin ETF is no longer playing a central role in the narrative for Bitcoin.

As far as bullish fundamental factors are concerned, the DevCon 5 conference is currently taking place in Osaka, Japan. DevCon is arguably the most important year for the Ethereum ecosystem, with leading projects showcasing their tech and making major announcements. For example, MakerDAO’s Rune Christensen announced that Multi-Collateral DAI will be ready for launch on November 18.

HOT leads the crypto top 50 with +25% spike

Looking through the cryptocurrency top 50, we can see that some coins have managed to outperform BTC and ETH today. HOT displayed some serious volatility, spiking by 25.6%. Ravencoin benefited from a listing on Binance US, helping it reach 24-hour gains of almost 10%. The positive moves for exchange-issued tokens KCS and HT might have been influenced by yesterday’s BNB price spike. Bitcoin SV rounds out the list of top 5 gainers.